TY  - JOUR
T1  - Financial Performance Evaluation of Companies Listed in Corporate Governance and Sustainability Indices: Application of the IVSF-RBNAR Method
AU  - Kara, Karahan
AU  - Yalçın, Galip Cihan
AU  - Özyürek, Hamide
PY  - 2025
DA  - January
Y2  - 2025
JF  - Journal of Data Analytics and Artificial Intelligence Applications
PB  - Istanbul University
WT  - DergiPark
SN  - 3062-2697
SP  - 36
EP  - 60
VL  - 1
IS  - 1
LA  - en
AB  - Companies strive to improve their financial conditions not only to gain a competitive advantage but also to be listed on corporate governance and sustainability indices. Companies listed in the Corporate Gover2 nance Index are understood to have high levels of corporate governance success, whereas those listed in the Sustainability 25 Index are recognised for being long2term environmentally sustainable organisations. It is evident that companies listed in both indices not only implement successful governance practices but also adopt sustainability principles. The primary motivation of this research is to evaluate the financial performance of companies listed on both indices. Accordingly, the main objective of this study is to develop a method for calculating the financial performance of these companies and to demonstrate its applicability. In this study, which is approached as a decision problem using the multi2criterion decision2 making (MCDM) approach, the IVSF2RBNAR (Interval2Valued Spherical Fuzzy 2 Reference2Based Normalised Assessment Ranking) method is proposed for calculating financial performance. This method allows criterion weighting based on expert opinions and performance ranking based on reference distance. In the application phase of this study, the financial performance levels of the ten companies listed in The Corporate Governance Index and The Sustainability 25 Index were determined by considering seven financial ratio indicators. As a result, Doğan Companies Group Holding Inc. was identified as having the highest financial performance. The most significant financial ratio was determined to be Return on Assets (ROA). The study also presents research implications and suggests future research directions.
KW  - Financial Performance Analysis
KW  - Corporate Governance Index
KW  - Sustainability 25 Index
KW  - Interval2Valued Spherical Fuzzy Sets
KW  - Reference-Based Normalised Assessment Ranking Method
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UR  - https://dergipark.org.tr/en/pub/jdaia/issue//1607081
L1  - https://dergipark.org.tr/en/download/article-file/4466075
ER  -